2018 Quarter 2 Downtown San Diego Market Update

Downtown San Diego saw 23.7% more sales when compared to quarter 1 of 2018. Surprisingly, both the $1 m-$1.5m and $1.5m-$2.5m made a strong rebound. There was a 40% increase in sales betweem $1m-$1.5m and a 33.3% increase between $1.5m-$2.5m. This is without taking into consideration the properties that have closed in Pacific Gate. This quarter, there have been 85+ closings in Pacific Gate at an average price of approximately $2,094,848 for a total of $178,063,818! That would greatly increase the stats below and since Pacific Gate’s active listings represent about 6.3% of the inventory on the market, I think it is fair to take that into consideration.

I like comparing stats to the same quarter of the previous year so you can see what has happened over the last 12 months. One of the most shocking stats is how much the average days on market shot up. There was a 55.6% increase in days on market to an average of 42 days. The average sales price of resale when compared to one year ago has gone up 3.4% and the average price per square foot has gone up by 4.56%. Overall, even though property is taking longer to sell on average, the prices continue to rise.